Former Congressman George Santos has received a lifetime ban from the prediction market site Kalshi. This action follows an investigation into allegations of insider trading. According to Kalshi, Santos did not cooperate with their inquiry.
The company highlighted that Santos made social media posts expressing his excitement about attending Trump’s State of the Union earlier this year. Simultaneously, he placed bets on Kalshi to predict that he would not be attending. Following the ban, Santos responded publicly on X, stating, “Thanks for the lifetime ban from your gambling platform. Let’s see how much longer you guys are around for.”
Kalshi has also taken enforcement actions against others. North Carolina Congressional candidate Laurie Buckhout was found wagering on her own campaign. Similarly, billionaire Stephen Cloobeck placed bets on his abandoned run for governor of California.
This crackdown is timely as election integrity experts warn that prediction markets could cause disorder in the upcoming November elections.
This report was based on information adapted by NPR editor from an audio report by Bobby Allyn.
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